My home is in foreclosure. I have filed a Chapter 7 bankruptcy. However, thinking of switching to Chapter 13 t

Question

Home in foreclosure.Filed chapter 7 to walk away. But thinking of switching to chapter 13 to keep home longer to get a sale. Any suggestions? Anyone familiar with this process. Also, it's hard to even find rental b/c of credit rating at this time, thought about selling to investor to rent back. Is that a good decision?

Answer 1

You should be discussing this with your BK attorney. It would not be appropriate to comment on your case as you have legal representation.

Answer 2

Have you talked to your lender about a short sale. It beats forclosure, and bankruptcy. Those will leave your credit in shambles and its so hard to get out from under. With a short sale you can find a seller and hopefully keep your credit good.

Answer 3

I just filed and cleared all my debt, i had to get rid of a short sale i still owed on. As far as renting, try craigslist, or rent from a homeowner, not an association. As far as the investor, i would see how much they would charge you, less than your mortgage, well then that makes sence.

Answer 4

It depends. If you have equity then I would do a 13 and sell. If not screw it you are already in 7.

Answer 5

It is very hard to find a place to live if you have a bankruptcy, or anywhere decent anyway.

Answer 6

see many experts. i used one shoddy lawyer and buddy he took his money up front and totally messep me up. good luck. so many ins and outs. be very very careful and file 13 fast (forget 7) BECAUSE you can get more than one revisions as you figure things out. if you dont have the time find the time, make the time to learn more. you will only get to do this one time in your life. make the most of it for gods sake. very impt.